CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE:CLF) announced today that it has
acquired United States Steel Corporation’s 15 percent equity interest in
the Tilden Mining Company for $105 million in cash. Cliffs previously
owned an 85 percent interest in the joint venture and now has 100
percent ownership of the mine. The transaction closed on September 29,
2017.

With the closing of this transaction, Cliffs has added 1.2 million long
tons of annual pellet production capacity and 55 million long tons of
proven and probable crude ore reserves. With the additional capacity,
Cliffs U.S. Iron Ore business segment’s expected pellet sales volume
will increase to 20 million long tons in 2018 from an expected 19
million long tons in 2017.

Lourenco Goncalves, Chairman, President and Chief Executive Officer,
said, “With the current strength in the Great Lakes iron ore pellet
market and anticipated future demand from our HBI facility, acquiring
additional pellet capacity became a top priority for Cliffs. We have
managed Tilden since 1974 and acquiring the remaining interest of the
mine became the most logical path to accomplishing this through a risk
free transaction.”

The Tilden Mine is an iron ore mining, concentrating, pelletizing, and
railroad operation located in Ishpeming, Michigan, that employs a
workforce of approximately 900 employees.

About Cleveland-Cliffs Inc.

Founded in 1847, Cleveland-Cliffs Inc. is the largest and oldest
independent iron ore mining company in the United States. We are a major
supplier of iron ore pellets to the North American steel industry from
our mines and pellet plants located in Michigan and Minnesota.
Additionally, we operate an iron ore mining complex in Western
Australia. By 2020, Cliffs expects to be the sole producer of hot
briquetted iron (HBI) in the Great Lakes region with the development of
its first production plant in Toledo, OH. Driven by the core values of
safety, social, environmental and capital stewardship, our employees
endeavor to provide all stakeholders with operating and financial
transparency. For more information, visit http://www.clevelandcliffs.com.